Trump admin. declines to brand China a currency manipulator

Earlier this week, U.S. President Donald Trump reversed course on a promise that he had made both on the campaign trail and from the White House: that he would designate China as violating worldwide exchange-rate rules, pushing down the yuan to gain a competitive advantage. Not so for Trump, who employed his characteristic bluster to promise dramatic change immediately upon assuming office.

Until now China was a frequent target.

As China and the United States account for a third of the global economy and bilateral trade accounts for a fifth of global trade, the steady and healthy development of China-U.S. trade ties is significant for the stability of the world economy, which is struggling to recover.

"They're not currency manipulators", he told The Wall Street Journal. Listen to what President Trump said yesterday on that subject.

Belatedly, he has recognized the value of North Atlantic Treaty Organisation, an alliance he ridiculed as obsolete during the presidential campaign.

The US dollar fell broadly on Trump's comments on both the strong dollar and interest rates, while US Treasury yields fell on the interest rate comments, and Wall Street stocks slipped. Dispensing with charges he made against the Chinese during the campaign, Trump proclaimed, "They're not currency manipulators".

Derek Scissors, a specialist in U.S. Such tariffs, though, could be overturned in a review by the World Trade Organization.

Baker says he's a little disappointed that Trump seems to be dropping the currency issue.

Unlike the previous administration, which issued its final report in October, the latest semi-annual report urges specific policy actions the countries should pursue that would lead to a lower trade surplus.

"We can't reverse history".

His comments galvanised European allies, wary of a resurgent Russian Federation, and anxious the U.S. would retreat from the world stage given Trump's promise of "America first" polices.

Also this week, Trump reversed his view of the Export-Import Bank, a government agency that provides loan guarantees to finance US exports.

"The secretary-general and I had a productive discussion about what more North Atlantic Treaty Organisation can do in the fight against terrorism", Trump said.

A number of Republicans who warned Obama not to intervene in Syria praised Mr. Trump for doing the same thing. As a result, the Syria operation, generally praised at home and overseas, has consolidated the power of Trump's core foreign policy team, in ways that may alter the political balance of this White House. Tillerson clearly has gained Trump's confidence, and has also forged an alliance with the decisive backstage operator in this White House, senior adviser (and Trump's son-in-law) Jared Kushner.

Trump didn't rule out the possibility of re-nominating Fed Chair Janet Yellen once her current four-year term is up next year.

NPR's James Doubek contributed to this report.

It's been a big week for President Trump to reverse long-held views. And then there are his changes on economic policy, which we're going to talk about next.

The decision not to name China a currency manipulator has marked one of the sharpest major reversals of Trump's young presidency.

As Australia's ex-foreign minister, Gareth Evans, said in a speech this week, Trump can not be trusted to deliver a consistent, coherent foreign policy message.

Donald Trump authorized the launching of 59 Tomahawk cruise missiles at the sovereign Syrian state. This idea wasn't on Trump's radar before the election, especially not with respect to China.

DEREK SCISSORS: So it's legitimate as a candidate to run against the history of Chinese action because that affects the American people.

The U.S. Treasury Department had faced an April 15 deadline to submit a report to Congress declaring whether or not China was a currency manipulator.

So, you know, as you mentioned, it's interesting.

While they're not manipulating their currency at the moment because it doesn't suit their economic needs, make no mistake about it, as soon as the tide turns they will, he said.

BAKER: We can't reverse history. And now we're getting some signals about what have - what could have transpired.

Trump has also tilted toward China and away from Russian Federation, like former Secretary of State Henry Kissinger, Kushner's apparent mentor.

BAKER: These large firms are all politically powerful.

"They were all sounding much tougher on Russia, much more like the Obama administration, and the outlier was the White House", said Angela Stent, director of the Center for Eurasian, Russian and East European Studies at Georgetown University. By hiking its benchmark interest rates twice since December, the Federal Reserve has also bolstered the dollar by tightening the flow of credit and enticing investors with the prospect of higher returns.

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